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Heavens above ... heading for catastrophe
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Your mortgage lender will have had explained to them where the other funds are coming from - it won't affect that, they were expecting them to come from the source they are.
£4500 is a small amount really, Daddy should be able to raise that without much bother - also, your bank will lend you it short term.
Stop worrying ..... and you will complete in time, so your exit from the rental property will happen as planned.
I know it's easy to worry as these times arrive, but it always works out fine in the end.
Good luck and stop biting those nails!Bringing Happiness where there is Gloom!0 -
Will you be liable for stamp duty? If memory serves, that doesn't actually need to be paid for 30 days. On top of that, could you sweet-talk your solicitor into waiting a week for their fee? Even if it's not the full amount, it might be a bit less to borrow from your dad...0
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I'd use an emergency overdraft.
I did that a few years ago to cover the payment for a home improvement I managed to make a mess of ordering.
As long as you do not apply for any new credit and this is only short-term to cover the wait for your other funds to arrive, you do not need to worry about mortgage fraud - as it isn't!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
There's a mortgage required.Ivana_Tinkle wrote: »Will you be liable for stamp duty? If memory serves, that doesn't actually need to be paid for 30 days. Could you sweet-talk your solicitor into waiting a week for their fee? Even if it's not the full amount, it might be a bit less to borrow from your dad...
CML handbook tells solicitors cleared funds for deposit and stamp duty must be in hand before completion takes place.
Thirty days only work for cash buyers.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »There's a mortgage required.
CML handbook tells solicitors cleared funds for deposit and stamp duty must be in hand before completion takes place.
Thirty days only work for cash buyers.
Ah, didn't realise that! Ta!0 -
DoubleOhScrimp wrote: »Buying my first house. Set to complete on Friday. Was supposed to cash in £4500 of investments this morning to make final completion funds. Only to be told ***Drumroll*** that it will be next week before those funds are in my account.
Phoned solicitor ... he said I would be liable for 4.5% interest on the purchase price prorata. I also have to be out of my rental by Thursday next week so dont exactly have much wiggle room.
I'm in a flat panic! :eek::eek:
Cant believe I've put myself in this position despite trying my damnedest to get everything right.
Can't you call the mortgage company and ask for an extra £4.5k on your mortgage? You can then pay it back once you've completed.0 -
Still waiting to hear from Father.
I'd rather not go down the route of overdrafts, cc's etc. I dont want to do anything that could smack of mortgage fraud and/or affect my credit rating.
Edit: Now that I think about it an emergency loan from Bank of Mum&Dad is hardly that kosher either
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As said above ... there is no worry about fraud or credit rating.
A short term overdraft of a week isn't going to register as anything other than a sensible move to secure cleared funds.
Stop worrying!Bringing Happiness where there is Gloom!0 -
Dad's just transferred the funds into my account.
*deep breath*
Lesson learnt.
Thank you for all the suggestions. Hopefully others will learn from my experience.
I really realised what the word FAMILY means today. *emotional sniff*0
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